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(X20): Reversal Lower Extends

BRENT TECHS
  • RES 4: $46.61 - High Aug 5 and the bull trigger
  • RES 3: $46.05 - High Sep 2
  • RES 2: $44.65/66.18 High Sep 3 / 20-day EMA
  • RES 1: $42.43 - High Sep 7
  • PRICE: $41.91 @ 06:20 BST Sep 8
  • SUP 1: $41.51 - Low Sep 7
  • SUP 2: $40.22 - Low Jun 25
  • SUP 3: $40.00 - Round number support
  • SUP 4: $36.97 - 50.0% retracement of the Apr - Aug rally

Brent futures are still heavy and traded lower again yesterday, extending the pullback from $46.54, Aug 26 high. Last week saw the contract clear $44.17, Aug 21 low. The break has confirmed a S/T top and yesterday price traded through $42.10, Jul 30 low reinforcing bearish conditions. Note, the recent break lower has also confirmed a breach of the 50-day EMA. Attention is on $40.22 next, the Jun 25 low. Initial resistance is at $44.65, Sep 3 high.

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